U.S. stocks were mixed on Tuesday morning as investors anticipate the Federal Open Market Committee will be less aggressive in regard to monetary policy. The Dow Jones Industrial Average fell 0.37% to 26,708, the S&P 500 index dropped 0.07% to 2,974 and the Nasdaq Composite Index gained 0.22% to 8,116.
Shares of Lindsay Corp. (LNN, Financial) gained more than 12% on Tuesday after the company announced third-quarter results. The manufacturing company's revenue declined 28.6 % from the prior-year quarter to $121.1 million, falling $7.53 million short of analysts' expectations. Earnings of 50 cents per share missed estimates by 26 cents.
“Low commodity prices and uncertainty regarding the outcome of trade negotiations continued to weigh on farmer sentiment and demand for irrigation equipment during the quarter,” President and CEO Tim Hassinger said.
In the irrigation segment, revenue was $98.6 million, a 23% decrease from $128.4 million in the prior-year quarter.The operating margin was 11.2% of sales, compared to 9.1% of sales a year ago.
In the infrastructure segment, revenue was $22.4 million, down 45% from the year-ago quarter. The operating margin was 15.8% of sales, compared to 34.6% of sales.
Looking ahead, Hassinger said, “The short-term outlook for international markets remains mixed, with growth expected in Brazil and developing markets while certain other markets remain challenged.”
During the quarter ended March 31, Joel Greenblatt (Trades, Portfolio) exited his position and Jim Simons (Trades, Portfolio) reduced his holding by 21.74% to 376,800 shares. Chuck Royce (Trades, Portfolio) also trimmed his position by 0.5%. On the other hand, Pioneer Investments (Trades, Portfolio) established a stake, buying 58,858shares.
Gainers
- Ă‚ Advanced Micro Devices Inc. (AMD, Financial)
- Western Digital Corp. (WDC, Financial)
- AbbVie Inc. (ABBV, Financial)
- Allergan PLC (AGN, Financial)
- BB&T Corp. (BBT, Financial)
Losers
- DaVita Inc. (DVA, Financial)
- Freeport-McMoRan Inc. (FCX, Financial)
- Mosaic Co. (MOS, Financial)
- L Brands Inc. (LB, Financial)
- 3M Co. (MMM, Financial)
Global markets
The main European stock markets traded lower. The U.K.'s FTSE 100 dipped 0.21%, France's CAC 40 lost 0.30%, Germany's Dax slipped 0.87% and Spain's IBEX 35 fell 0.33%.
In Asia, Japan's Nikkei 225 gained 0.14%, India’s BSE Sensex rose 0.03%, Hong Kong's Hang Seng retreated 0.76% and China's Shanghai Composite declined 0.18%.
Disclosure: The author holds no positions in any stocks mentioned.
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